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Provider: Reuters Investment Profile

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Songa Offshore announces signing $1,014 million loan facilities

Monday, 31 Mar 2014 04:30pm EDT 

Songa Offshore SE:Says documentation for the previously announced $1,014 million loan facilities have been finalized and the loan agreements have been signed by all parties.The loans will be for the financing of two Cat D drilling rigs, Songa Equinox and Songa Endurance.Says the new facilities are split into senior loans of $774 million and junior loans of $240 million.Says the loans' average amortization profile is 10.5 years.The junior loans include a pre-delivery tranche of $104 million.Drawdown of the pre-delivery tranche is expected to take place in early May. 

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-0.05 -2.70%
5:22am EST